S&T Bancorp, Inc. (STBA) announced on Thursday its net income for the third quarter amounted to $32.6 million, or $0.85 per share. This marks a slight decrease from the previous year’s third quarter results of $33.5 million, or $0.87 per share.
On average, a consensus of five analysts had anticipated the company to post earnings of $0.81 per share. It's important to note that analysts' projections generally exclude any special items.
Net interest income before accounting for credit loss provisions fell to $84.48 million, down from $87.39 million in the same period last year.
Additionally, the provision for credit losses showed a negative balance of $0.5 million, compared with $5.49 million the year before. This reduction is primarily linked to a lower allowance for credit losses (ACL), which is mainly due to improved asset quality leading to a decrease in qualitative reserves.
